STUDENT FINANCE STUDENT FINANCE STUDENT FINANCE STUDENT FINANCE 2014/15 20 2014/15 20 14/15 14/15 A GUIDE F A GUIDE FOR P A GUIDE F A GUIDE FOR P R PARENT R PARENT RENTS RENTS
CONTENT CONTENTS � Student Finance ni / Student Loans Company � Course costs � Types of support � E � Exceptions i � How is support determined? � Repayments � Repayments � Application process � Additional information � Help available
STUDENT FINANCE NI STUDENT FINANCE NI / / STUDENT L STUDENT LOANS ANS COMP COMPANY ANY Student Finance ni � 5 Education and Library Boards determine eligibility to support and amounts payable � Deals with detailed enquiries q � Your local office – Charlemont Place, Armagh Student Loans Company Student Loans Company � Pays support to students and administers repayments repayments � Distributes notifications of entitlement � Call centre deals with general enquiries � Located in Glasgow � Located in Glasgow
COURSE COST COURSE COSTS Two main areas of expenditure: 1. 1 Tuition fees Tuition fees Payable each year to the institution (chargeable each � term) � � St d i NI Study in NI – £3685 £3685. Study in England, Scotland and £3685 St d i E £3685 l d S tl d d Wales - max £900 £9000 No tuition fees for students at ROI institutions. Student � C Contribution charge of €2750 t ib ti h g f €2750 750 (l 750 (loan available) il bl ) � Students with ROI passport will will be charged fees for study in Scotland 2. Living expenses � Accommodation (QUB Elms - £3279 - £3895 per year) � � Food clothes books travel Food, clothes, books, travel Social life �
TYPES OF YPES OF SUPPORT SUPPORT T iti Tuition Fee Loan F L � Not means-tested on household income � Fee loan available to cover approved amounts charged � Reduced loan available for private institutions � If fee loan is requested, fees are paid to student’s q p institution by SLC � Repayment at completion of studies Payment of fees is responsibility of student if they are not eligible / do not request a fee loan
TYPES OF YPES OF SUPPORT SUPPORT Maintenance Loan � M � Means-tested on household income t t d h h ld i � Maximum amounts: Lodgings £4840 £4840 Home £3 £3750 750 London L d £6780 £6780 6780 6780 � Non means-tested amounts: Lodgings £3630 £3630 Home £28 £2812 London £5085 £5085 � Parental contribution commences at £42,000 £42,000 Loans are reduced if student receives a Maintenance grant
TYPES OF YPES OF SUPPORT SUPPORT Maintenance grant / Special Support grant � Means-tested on household income � Non-repayable grant where household income < £4 < £41,065 065 � Maximum grant £34 £3475 75 available where income < £19,203 < £19,203 � Special Support Grant payable where student has underlying eligibility to Social Security Agency or Housing Executive benefits e.g. student with child Housing Executive benefits e.g. student with child � Students at ROI institutions are eligible for the same levels of grant as students at UK institutions
TYPES OF YPES OF SUPPORT SUPPORT Extra help with living expenses Students with Dependants � Parents’ Learning Allowance – maximum £1538 1538 per year � Childcare Grant – maximum £148.75 £148.75 a week for one child and £255 one child and £255 £255 a week for two or more children £255 a week for two or more children � Adult Dependants’ Grant – maximum £2695 £2695
TYPES OF YPES OF SUPPORT SUPPORT Extra help with living expenses Disabled Students’ Allowance – non means-tested help for students with disabilities � Equipment allowance – maximum £5266 £5266 for the whole course � Non medical helpers’ allowance � Non-medical helpers allowance – maximum £20 maximum £20 £20,938 £20 93 938 per 938 per year � General allowance – maximum £1 £1759 759 per year � Extra travel costs as a result of a disability Transition evening – November 2013 g Disabled Students’ Officer – Janet McNally 028 37 512497
TYPES OF YPES OF SUPPORT SUPPORT Extra help with living expenses p g p Institutional bursaries � Institutions which charge the maximum fee must provide a bursary to students who are eligible for the full maintenance grant (currently £500 at QUB) th f ll i t g t ( tl £500 t QUB) � Non-repayable � Household income details on application form are � Household income details on application form are shared with institution (not HMRC!) � Check with institution for full details
EX EXCEPTIONS CEPTIONS � Health Professional degrees at NI institutions � Tuition fees paid in full � Income assessed bursary of £2355 £2355 plus reduced loan of £23 of £23 £2370 £2370 70 (2013/14 rate) 70 (2013/14 rate) � Nursing degrees / diplomas at NI institutions � Not eligible for any Student Finance � Social Work degrees at NI institutions � Eligible for additional funding from DHSSPS of non- means tested bursary and contribution towards work based learning expenses based learning expenses
EX EXCEPTIONS CEPTIONS Part-time study Students on part-time HE courses can apply for the St d t t ti HE l f th following: � Means-tested Tuition Fee Grant, maximum £1 £1230 230 � Means-tested Course Grant maximum £265 � Means tested Course Grant, maximum £265 £265 £265 � Disabled Students’ Allowance
EX EXCEPTIONS CEPTIONS Further Education Awards � Courses with an entry requirement of fewer than 5 GCSE passes e.g. GNVQ � Must be vocational courses listed on the National Database of Approved Qualifications (NDAQ) � Separate application form required � Separate application form required � Students eligible for approved Tuition fees and means tested maintenance grant � Possible closing dates: Full-time – 29 August 2014 Part-time - 30 September 2014 � Apply to Student Finance ni 1 Hospital Road Omagh � Apply to Student Finance ni, 1 Hospital Road, Omagh
HO HOW IS SUPPORT W IS SUPPORT DETERMINED? DETERMINED? Student Finance ni uses household income which includes: � Gross taxable income of the student, excluding any earnings; earnings; � Plus gross taxable income of parent(s) / partners / step-parents; � Less deductions for payments into pension funds and £1153 for each dependant child Household Household income assessment does no income assessment does not t apply t apply to single single independent students independent students
REP REPAYMENT MENTS � Student Loans incur interest charges � Student Loans (Fees and Maintenance) are only repayable � Student Loans (Fees and Maintenance) are only repayable when students have completed their courses and are earning > £16,910 � Debt belongs to student, not parents � Repayments based on earnings (9% of gross salary above £16,910) b £16 910) � Deducted from salary via tax system � Balance is cancelled after 25 years y � Current interest rate = 1.5% � Grants are not repayable unless a student withdraws or a re-assessment is carried out due to a change in circumstances t i i d t d t h i i t
APPLICA APPLICATION PR ION PROCESS OCESS February / March 2014 � Presentation in school � Student Finance assists students with non-financial sections of form April 2014 � Return application to Armagh with proof of identity and income May / June 2014 � SLC sends student details of payment dates / support due July 2014 � SLC sends reminder to student/parents re: missing details August 2014 � Student confirms any change of course and /or institution after results � SLC confirms payment dates and support due for new course September 2014 � Student takes notification to enrolment for confirmation of Tuition Fee payment � Maintenance Loan and grant (if applicable) is paid directly into student’s nominated bank/building society account at start of course.
ADDITIONAL INF ADDITIONAL INFORMA RMATION ION � Students must reapply each year � Support can be reassessed if there is a drop in household income (income for year ended 5/04/15 instead of 5/04/13) income (income for year ended 5/04/15 instead of 5/04/13) � All income must be verified in first year. Spot checks in remaining years � Students must inform us if they have suspended/withdrawn � Students must inform us if they have suspended/withdrawn � Repeat study/change of course may leave students ineligible for fee and grant support � An additional year’s support may be paid if a student needs to repeat due to illness or other extenuating circumstances � If grant is paid and subsequently not due, repayment must be made immediately to SLC � St dents progressing from HND/Fo ndation degree to ear 1 � Students progressing from HND/Foundation degree to year 1 of a degree will be ineligible for fee and grant support for year 1 and grant support for part of new course � Students on a year abroad/placement may only be entitled to � Students on a year abroad/placement may only be entitled to a reduced loan and fees
HELP A HELP AVAILABLE AILABLE � Parents! � School � Student Finance � Telephone: 0845 6000 662 (Glasgow) � Visit without appointment: 3 Charlemont Place, The Mall, Armagh � Web site: www studentfinanceni co uk � Web-site: www.studentfinanceni.co.uk � Institution: Financial Adviser
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